Cryptocurrency Market Steadies as Bitcoin Price Approaches ResistanceJuly 2, 2018
Over the past days, the prices in cryptocurrency regained its momentum. During the process, the mighty has regained its technical level that could solve other issues like the short-term rallies. Regarding the recovery, the market recovered almost $20 billion in the value of bitcoin last week.
The value of cryptocurrencies as of today was approximately $257 billion. According to CoinMarketCap, the cryptocurrency market has reached a new record for this year. Most of the resurgence happened last week where altcoins and bitcoins rebounded its double digits. With the little changed in the price of bitcoin, cryptocurrency broke the level after nine days.
As hacked and theft was recently recorded, the $6,400-$6,500 level is recorded to be the latest resistance test for the price of bitcoin. Aside from bitcoin, other cryptocurrencies also stabilized last week. Ripple unchanged at $0.460, Ethereum traded $450 and bitcoin cash steady around $740. The price recovery is also associated with a significant rise in the volume of traders.
It was then reported that the daily turnover had recorded 48% from low to reach $14.4 billion. As hacked and theft was seen last three weeks ago, the collapse happened to bitcoin affects the market which dropped the prices by as much as 80%. The lowering of the market is what gave the opportunity to give rise to unprecedented rally. From the latest evaluation published by CCN and Quartz, the market took bitcoin over a year to fall some 70%.
This year, the price collapse within 70% and it tool a shorten span which is 200 days. The study even suggests that bitcoin is having an acceleration when compared to the 2014 price collapse. However, this led to some speculations that the future of cryptocurrency will experience faster rally than that of the 2014 crypto market.
Cryptocurrency analysts generally maintain a bullish belief towards bitcoin. Arthur Hayes, the CEO of BitMEX told CNBC that the rally to $50,000 this 2018 should not be ruled out. While this may be strange, the majority of the crypto returns happens in a handful of days. For June, an expert said that is quite disappointing due to a bevy of positive developments in the cryptocurrency market.
Aside from South Korea and Malta, India is also planning to set its new crypto strategy by next week. It will come to pass after the central bank of India barred most of the financial institutions from dealing with their customers and virtual exchanges.